Rating: Panama Credit Rating

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Rating Moody's Panama

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-11-29	Baa3 (Negative)
2023-10-31	Baa3 (Stable)
2022-10-25	Baa2 (Negative)
2021-03-17	Baa2 (Stable)
2020-10-20	Baa1 (Negative)
2019-03-08	Baa1 (Stable)
2017-09-29	Baa2 (Positive)
2015-12-01	Baa2 (Stable)
2012-10-31	Baa2 (Stable)
2011-08-04	(Positive)
2010-06-09	Baa3 (Stable)
2010-02-12	(Under Review)
2003-11-15	(Stable)
1997-01-22	Ba1
1985-11-11	WR
1978-06-27	Aa
1977-10-14	WR	2010-06-09	Baa3
1958-06-30	A	2002-11-27	NR

Moody's: Long term Rating

Rating S&P Panama

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-11-26	BBB- (Stable)
2023-11-07	BBB (Negative)
2023-08-11	BBB (Stable)
2020-11-24	BBB (Stable)	2024-11-26	BBB-
2020-04-24	(Negative)	2023-11-07	BBB
2019-04-29	BBB+ (Stable)	2023-08-11	BBB
2018-07-02	(Positive)	2020-11-24	BBB
2012-07-02	BBB (Stable)	2019-04-29	BBB+	2024-11-26	A-3	2024-11-26	A-3
2011-07-21	(Positive)	2012-07-02	BBB	2012-07-02	A-2	2012-07-02	A-2
2010-05-25	BBB-	2010-05-25	BBB-	2010-05-25	A-3	2010-05-25	A-3

S&P: Long term Rating

Rating Fitch Panama

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2021-02-03	BBB- (Negative)			2021-02-03	F3
2020-02-06	BBB	2021-02-03	BBB-	2020-02-06	F2
2019-02-13	BBB	2020-02-06	BBB	2019-02-13	F2
2018-02-16	BBB (Stable)	2019-02-13	BBB	2018-02-16	F2
2017-02-16	BBB (Stable)	2018-02-16	BBB	2017-02-16	F2
2016-07-22	BBB (Stable)	2017-02-16	BBB	2016-07-22	F2
2016-02-19	BBB (Stable)	2016-07-22	BBB	2016-02-19	F3
2015-02-19	BBB	2016-02-19	BBB	2015-02-19	F3
2014-09-16	BBB (Stable)	2015-02-19	BBB	2014-09-16	F3
2014-03-07	BBB (Stable)	2014-09-16	BBB	2014-03-07	F3
2013-05-14	BBB (Stable)	2014-03-07	BBB	2013-05-14	F3
2012-05-31	BBB (Stable)	2013-05-14	BBB	2012-05-31	F3
2011-06-02	BBB (Stable)	2012-05-31	BBB	2011-06-02	F3
2010-03-23	BBB- (Positive)	2011-06-02	BBB	2010-03-23	F3
2008-01-29	BB+ (Positive)	2010-03-23	BBB-	2008-01-29	B
2003-12-03	BB+ (Stable)	2008-01-29	BB+	2003-12-03	B
2002-10-24	BB+ (Negative)	2003-12-03	BB+	2002-10-24	B
2002-09-04	BB+ (Negative)	2002-10-24	BB+	2002-09-04	B
2000-09-21	BB+ (Stable)	2002-09-04	BB+	2000-09-21	B
2000-07-20	BB+	2000-09-21	BB+	2000-07-20	B	2021-02-03	F3
2000-02-14	BB+ (Positive)	2000-07-20	BB+	2000-02-14	B	2020-02-06	F2
1998-09-08	BB+	2000-02-14	BB+	1998-09-08	B	2019-02-13	F2
0000-00-00	BB+ (Stable)	1998-09-08	BB+	0000-00-00	B	2018-02-16	F2

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C